Hasbro said its board has authorized a sale process for the part of its eOne TV and film business not directly supporting its branded entertainment strategy following a review of the company’s business initiated by new CEO Chris Cocks.
Cocks said Hasbro had “received inbound interest from several parties for the part of the eOne television and film business that while valuable is not core to our go-forward strategy.” Hasbro will maintain the capability to develop and produce animation, digital shorts, scripted TV and theatrical films for audiences related to core Hasbro IP.
Former CEO Brian Goldner, who spearheaded the company’s push into film and TV with the acquisition of eOne in 2019, died of cancer a year ago.
The announcement today said Hasbro plans to significantly increase strategic investment in key brands with a focus on gaming, direct to consumer, franchise brands and licensing.
Priority brands for investment include Peppa Pig, Transformers, Dungeons & Dragons, Magic: The Gathering, My Little Pony, Power Rangers, Play-Doh and board games including Monopoly and Clue. The Company plans to maintain significant development, production and financing capabilities to support its core brands across film, TV, animation and digital shorts. These projects will span Hasbro’s beloved brands and will also include the development of new IP such as the recently announced Kiya and the Kimoja Heroes that is scheduled to premiere on Disney Junior and Disney+ in 2023.
“Following our recent Investor Day where we introduced our new branded entertainment strategy, Blueprint 2.0, we received inbound interest from several parties for the part of the eOne television and film business that while valuable is not core to our go-forward strategy. This interest informed our decision to explore a sale process,” said Cocks.
“The acquisition of eOne delivered fantastic talent, top tier production and deal making capability and beloved brands with strong toyetic potential including Peppa Pig. We will retain these terrific capabilities while exploring the best way to maximize the value of the eOne TV & Film Business for the benefit of our shareholders.” (Deadline)